Short Term Personal Loan

Get hassle-free funds from Aditya Birla Capital’s Short Term Personal Loan. Fulfil your financial needs and repay the loan easily with flexible repayment options.

Attractive interest rates
Easy & flexible repayment options
Easy application process with quick sanctions

Step 1

Step 2

Step 3

Finish

₹ 5.50 Lakh Cr

AUM

1,712

BRANCHES

3.9 Cr

ACTIVE CUSTOMER BASE

₹ 1.78 Lakh Cr

CONSOLIDATED LENDING BOOK

What is a Short-term Personal Loan?

A Short-term Personal Loan is a quick financing solution designed to help you meet urgent financial needs. Whether you require funds for medical emergencies, travel, wedding expenses, or unforeseen expenditures, this loan provides immediate relief with minimal documentation and quick disbursal. Short-term Personal Loans come with attractive interest rates and flexible repayment tenures. With a simple application process and fast approval, you can bridge financial gaps without long-term commitments.

Features of a Short-term Personal Loan

Flexible Repayment Options

Choose a tenure that suits your financial situation.

No Collateral Required

Receive funds without pledging any assets.

Attractive Interest Rates

Enjoy competitive rates to ease repayment burden.

Minimal Documentation

Experience hassle-free processing with basic KYC and income proof.

Eligibility Criteria for Short term Personal Loan

Documents Required for a Short-term Personal Loan

Proof of Identity & Address : Aadhaar Card, Passport, Voter ID, Driving Licence, PAN Card (as ID proof only)
Proof of Income : Last 3 months’ salary slips and Form 16
Bank Statement : Last 6 months’ salary credit details
Proof of Other Income (if applicable) : Latest Form 16 or additional salary proof

Eligibility Criteria for a Short-term Personal Loan

Nationality :You have to be an Indian citizen.
Age : Your age should be between 21 to 60 years
Credit Score : Your credit score should be more than 750.
Employment Type : Salaried or self-employed

Types of Personal Loan in India

Medical Emergency

Personal Loan for Marriage

Personal Loan for Teachers

Personal Loan for Emergency

Personal Loan for Home Renovation

Personal Loan for Students

Personal Loan for Women

Personal Loan for Salaried Individuals

Personal Loan for Government Employees

How to Apply for a Short-term Personal Loan

1step

Determine Your Financial Needs

Assess how much loan amount you require.

2step

Check Loan Eligibility

Use the eligibility calculator to verify your qualification.

3step

Calculate EMI

Plan your repayment using the EMI calculator.

4step

Submit Documents

Upload identity, address, and income proofs.

5step

Apply Online

Complete the application form and receive quick approval.

Revision of Reference Rates for determining Interest Rates on loans given

Long Term Reference Rate

ABCL has increased its Long-Term Reference Rate (LTRR) by 20 bps to 20.45% p.a. with effect from March 1, 2024. The interest rate on the floating rate loans of tenor greater than 12 months that are linked to the LTRR will be revised upwards by 20 bps. The spread / margin on the said loans will remain unchanged.

Short Term Reference Rate

ABCL has increased its Short-Term Reference Rate (STRR) by 20 bps to 19.45% p.a. with effect from March 1, 2024. The interest rate on the floating rate loans of tenor up to 12 months that are linked to the STRR will be revised upwards by 20 bps. The spread / margin on the said loans will remain unchanged.

Fees and Charges for Short Term Personal Loans

Charge Type	Amount
Cheque Return charges	₹500 + GST per instance
Default Penal charges	3% of the pending amount per month
Charges for cancellation of Loan	4% of loan amount disbursed + applicable taxes
CIBIL report retrieval fees	₹100 + GST per instance
Charge for Exchanging PDCs / ECS	₹750 + GST per instance
Loan reschedule charges	₹5000 + GST per instance
Stamp Duty	As per Actual if applicable
Insurance Premium	As per Actual, if applicable
Pre-closure Quote	₹1000 + GST per instance
Any other charges	As per Actual, if applicable
Part - Pre-Payment Charges	Charges: A) Nil Charges - If Part prepayment is equal to 20% of the total disbursed amount in a year B) 3% + GST on Remaining Loan amount - If part payment is greater than 20% of the total disbursed Conditions: A) No pre-payment is allowed in the first 6 months from the date of disbursement B) Part Pre-Payment amount should be equal to OR greater than a total of 3 EMIs. C) Part-prepayment is allowed only once in the first year of loan tenure.
Foreclosure Charges	4% of the Principal outstanding amount + GST Condition: Foreclosure is allowed only after 12 months from the date of loan disbursal.

Tools

Financial Reports

Interest Rates Available for
Short Term Personal Loans

Find out the interest payable on the Short Term Personal Loans to plan your repayments effectively.

Loans up to 12 months

Loan Type	Interest
The Short Term Reference Rate (STRR)	19.45% p.a. w.e.f.from March 1, 2024

Rates are indicative and depend on credit score, income, and profile. The best debt consolidation loan often starts lower for strong profiles (750+ CIBIL).

Loans more than 12 months

Loan Type	Interest
The Long Term Reference Rate (LTRR)	20.45% p.a. w.e.f. from March 1, 2024

Different financial needs, different loans,
one app - ABCD

For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.

Range of loan options for different needs
Range of loan options for different needs
Quick sanctions and disbursals

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Customer Satisfaction Stories

Hear from our happy customers what they have to say about their experience with us.

Mr. Hiralkumar Ashokbhai Patel

Aditya Birla Finance Customer

Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.

Mr. B. Narsimulu

Aditya Birla Housing Finance Customer

Hyderabad, India

Mr. Pramod Kumar Saini

Aditya Birla Finance Customer

I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.

Mr. Vikram Balu Gavali

Aditya Birla Housing Finance Customer

Belapur, India

FAQs on Short Term Personal Loans

A Short-Term Personal Loan is a type of personal loan which is offered for a shorter tenure. You can get a multipurpose loan for your financial needs and repay it quickly to get debt-free.

The duration of the Short-Term Personal Loan depends on the tenure you choose. Aditya Birla Capital offers loans with repayment tenures going up to 84 months.

The loan amount depends on your eligibility qualifications.You can use the loan eligibility calculator and find out the loan that you can avail of basis your eligibility.

Under a Short-Term Personal Loan, you choose the repayment tenure over which you can repay the loan affordably. After the loan is sanctioned, the EMI payments start immediately, and you repay the loan through EMIs over the chosen tenure.

The EMI depends on the interest rate and the repayment tenure selected. If the interest rate is constant, the EMI will be higher for shorter tenures than longer ones. So, if you choose a short repayment period, the EMI will be higher.